Introduction
With the rise of online businesses, freelancing, and international trade, many Nigerians are now earning in dollars. But the challenge is: how do you receive and manage these funds? The answer is a dollar account (domiciliary account).
A dollar account allows you to receive international payments, save in dollars, and protect yourself against naira devaluation. Whether you’re a freelancer, business owner, student abroad, or investor, this account is essential.
In this guide, we’ll break down the exact steps to open a dollar account in Nigeria, the requirements, and the best banks to consider in 2025.
Table of Contents
Step-by-Step Guide to Opening a Dollar Account in Nigeria
Step 1: Choose Your Bank
Step 2: Gather the Required Documents
Step 3: Fill Out the Application Form
Step 4: Make Initial Deposit
Step 5: Collect Your Account Details
What is a Dollar Account (Domiciliary Account)?
A dollar account, also called a domiciliary account, is a type of bank account that lets you operate in foreign currencies such as USD, GBP, or EUR. In Nigeria, most people open dollar accounts to receive international payments from clients, businesses, or relatives abroad.
It functions like a regular savings or current account but is operated in foreign currency instead of naira.
Benefits of Having a Dollar Account in Nigeria
Receive payments directly from abroad (PayPal, Payoneer, Wire transfer).
Save in dollars and avoid currency depreciation.
Make international purchases (Amazon, eBay, hosting services).
Send money abroad easily.
Useful for students paying tuition in dollars.
Requirements to Open a Dollar Account in Nigeria (2025)
Different banks may vary slightly, but generally, you’ll need:
Valid ID (International Passport, National ID, or Driver’s License).
Two passport photographs.
BVN (Bank Verification Number).
Utility bill (not older than 3 months).
Two references with current accounts (for current domiciliary account).
Initial deposit (varies by bank, usually $50 – $100).
Step-by-Step Guide to Opening a Dollar Account in Nigeria
Step 1: Choose Your Bank
Popular options include GTBank, Access Bank, Zenith Bank, First Bank, and UBA. Select one based on accessibility and fees.
Step 2: Gather the Required Documents
Ensure you have your ID, BVN, utility bill, passport photos, and references (if required).
Step 3: Fill Out the Application Form
Visit your chosen bank branch and request a domiciliary account opening form. Fill it out carefully.
Step 4: Make Initial Deposit
Some banks require a minimum opening balance (usually $50 – $100).
Step 5: Collect Your Account Details
Once approved, you’ll receive your account number, swift code, and bank details for international transactions.
Best Banks in Nigeria for Dollar Accounts (2025)
- GTBank Domiciliary Account
Low opening balance ($50).
Easy to link with Payoneer.
Online banking available.
2. Access Bank Domiciliary Account
Flexible requirements.
Multiple currency options (USD, GBP, EUR).
3. Zenith Bank Domiciliary Account
Popular for business owners.
Strong international transaction network.
4. First Bank Domiciliary Account
Widely accepted worldwide.
Trusted for remittances.
5. UBA Freedom Dom Account
Allows zero opening balance for students/freelancers.
Great for digital entrepreneurs.
FAQs About Dollar Accounts in Nigeria
Q1: Can I open a dollar account without references?
Yes, some banks like UBA and Access Bank offer domiciliary accounts without references.
Q2: Can students open a dollar account in Nigeria?
Yes, students can open a domiciliary account with valid ID and BVN.
Q3: How long does it take to open a dollar account?
Usually between 24 – 72 hours after submitting all documents.
Q4: Can I receive PayPal and Payoneer funds into my dollar account?
Yes, most banks accept Payoneer and wire transfer deposits. PayPal depends on the sender’s country.
Conclusion
Opening a dollar account in Nigeria is one of the smartest financial moves in 2025. It not only helps you receive international payments but also protects your income against naira inflation.
If you’re a freelancer, entrepreneur, or student, don’t delay—open your domiciliary account today and enjoy seamless global transactions.
👉 Have you opened a dollar account recently? Share your experience in the comments!
